Recently, we have been hearing more and more about a new kind of technology called blockchain.  It’s perhaps more recognizable by the cryptocurrency Bitcoin, created in 2008. Blockchain, the underlying technology behind Bitcoin and other cryptocurrencies, may prove to be one of the most groundbreaking advancements in our history.

This exciting new technology doesn’t just affect currency and finance. It permeates all sectors of our economy, from healthcare to retail, into data, national security and beyond.  Among other reasons, blockchain is incredible because it gives advantage to the individual, not to the government.

As blockchain technology continues to grow, it catches the attention of the federal government. Congress has certainly taken a closer look, myself included.

As a member of the Congressional Blockchain Caucus, I sent a letter to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to thank both agencies for their light touch regulatory approach to blockchain thus far.

Last week, I was invited to attend, and participated in, the D.C. Blockchain Summit hosted by the Digital Chamber of Commerce.  And this week, I was excited for House Financial Services Subcommittee on Capital Markets, Securities, and Investment hearing entitled: “Examining the Cryptocurrencies and ICO Markets.”

In talking about blockchain, my concern, as I expressed in the hearing, is that we are focused on giving the advantage back to the government and taking away liberty from the individual.

You can watch my remarks by clicking on this link.

I realize that, realistically, there must be regulation. But it is critical that we do not over-regulate a technology before we even understand it, stifling the opportunities it brings and preventing progress from being made.